The Hellenic Republic is expected to see debt to-GDP hit 190% in 2014.

FORBES: Greece To Default By Friday Unless Brussels Sends The Bailout Cash

Athens is struggling and still needs the next tranche of bailout money, while the Troika has sought to extract further conditionality from the Hellenic Republic.

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The credit rating agency noted that the bond buyback that the Hellenic Republic is conducting as a prerequisite to getting the next tranche of bailout aid from the Troika constitutes a distressed debt restructuring, which in their books means default.

FORBES: Greece In Default Once Again On Troika-Imposed Bond Buyback, S&P Says